US tax reform prompts $2.3 billion Credit Suisse write-down

MarketsAssociated Press

Swiss bank Credit Suisse says it will take a write-down of about 2.3 billion Swiss francs ($2.33 billion) in the current quarter due to the tax overhaul in the United States.

President Donald Trump signed the legislation into law Friday, prompting Credit Suisse to write-down the value of its deferred tax assets in the U.S.

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The bank said in a statement that the move is a "one-time accounting adjustment" that has a minimal impact on its "strong" regulatory capital position. It added that it anticipates the tax changes will have a positive impact on the U.S. economy and on the bank's activities in the U.S.

Credit Suisse says it will give full details of the legislation's effects when it publishes fourth-quarter results Feb. 14.